Factors in Innovative Development of a Region

Introduction. Innovation is one of the necessary conditions for economic growth and development of society. Depending on the level of processes of innovation, directions and pace of development of regions are determined in terms of qualitative transformations and the increase in basic economic indicators. The necessary conditions for innovative development and sustainable economic growth in a region include identification of factors affecting innovative activities. In this regard, the study of innovative development of regions is of particular importance and relevance. The purpose of this research is to substantiate the systematic approach to the classification of factors in innovative development of regions in the context of their influence on sustainable socio-economic development of territories. Materials and Methods. The object of this research was innovative development of a region exemplified by the case of the Republic of Mordovia. Regional statistics was used as the information base for the research. The study employed the methods of factor and system analysis, expert survey, planning, forecasting and comparison. Results. The features of the innovative development of a region have been determined. The factors affecting the innovative development of a region have been classified. According to the author, using the indicated factors makes it possible to develop a strategy for the growth of innovative activities in a region. The factors have been analyzed and it has been proved that they affect the level of regional innovation processes. Discussion and Conclusion. Determination of the institutional conditions and the impact of internal and external factors, identifying the optimal level of correlation of maximum income and minimum costs will lead to the expansion of innovative activities of enterprises in a region, which will ensure the innovative and socio-economic development of the region. The results obtained serve as the basis for assessing the attractiveness of a region in terms of investment and provide a forecast for the impact of innovation on the regional growth. The results of this research have practical relevance and can be used in the practice of stimulating innovative activities in regions.